8 The company uses a perpetual inventory system, ng January purchases and sales data for its...

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8 The company uses a perpetual inventory system, ng January purchases and sales data for its only product REQUIRED: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Each yellow cell must include a formula using cell references, EVEN IF THE FORMULA RESULT IS ZERO Units purchased Cost per Total Cost Units Sold unit Selling Price per Total Sales Date Purchase unit 10 Jan. 1 Beginning inventory 400: $10 $4,000 Jan 11:Sales 320: $30 $9,600 600: 27.200 13 Jan 17:Sales 480: $30 14,400 Jan. 21:Purchase 650: 9.100 15 Jan 23:Sales 590: $30: 17.700 16 Touss 1.650: $20,300 1.39.0 $41.700 18 Cost of Goods Sold - Perpetual LIFO: Units Sold @ Cost per unit Cost of Goods 20 Sold Calculate cost of goods sold for the January 21 11 sale of 320 units. 320 uis@ $10 per unit $3.200 23 Calculate cost of goods sold for thes units@ units 5,760 January 17 sale of 480 units vois @...... $101 unita@ Tou $5,760 27 28 Calculate cost of goods sold for the January 23 sale of 590 units. 590 units o $14 units@ $8.260 $121 @ 29 unts@ $10 units 30 Total Cost of Goods Sold for January 1.390 units SO 33 34 Ending Inventory - Perpetual LIFO: Units in 06 38588379 41 Ending Inventory Total Ending Inventory for January 260 units Cost per unit Inventory Balance 8 The company uses a perpetual inventory system, ng January purchases and sales data for its only product REQUIRED: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Each yellow cell must include a formula using cell references, EVEN IF THE FORMULA RESULT IS ZERO Units purchased Cost per Total Cost Units Sold unit Selling Price per Total Sales Date Purchase unit 10 Jan. 1 Beginning inventory 400: $10 $4,000 Jan 11:Sales 320: $30 $9,600 600: 27.200 13 Jan 17:Sales 480: $30 14,400 Jan. 21:Purchase 650: 9.100 15 Jan 23:Sales 590: $30: 17.700 16 Touss 1.650: $20,300 1.39.0 $41.700 18 Cost of Goods Sold - Perpetual LIFO: Units Sold @ Cost per unit Cost of Goods 20 Sold Calculate cost of goods sold for the January 21 11 sale of 320 units. 320 uis@ $10 per unit $3.200 23 Calculate cost of goods sold for thes units@ units 5,760 January 17 sale of 480 units vois @...... $101 unita@ Tou $5,760 27 28 Calculate cost of goods sold for the January 23 sale of 590 units. 590 units o $14 units@ $8.260 $121 @ 29 unts@ $10 units 30 Total Cost of Goods Sold for January 1.390 units SO 33 34 Ending Inventory - Perpetual LIFO: Units in 06 38588379 41 Ending Inventory Total Ending Inventory for January 260 units Cost per unit Inventory Balance

Answer rating: 100% (QA)

To calculate the cost assigned to ending inventory and the cost of goods sold using LIFO Last In Fir... View the full answer